TagPetro Gold

Brookings: Venezuela's Petro Undermines Legitimate Cryptocurrencies

Brookings Institute analysts recently argued that Venezuela’s oil-backed cryptocurrency, the Petro (PTR), is likelier to harm legitimate cryptocurrencies like Bitcoin and Ethereum, than it is o help Venezuelan’s escape the recession the country is currently enduring. Through an article published on its website, the think tank first noted that Venezuelan President Nicolás Maduro claims the Petro...

Venezuelan President Claims Petro Pre-Sale Raked in $5 Billion

Nicolas Maduro Venezuela Petro

Venezuelan President Nicolás Maduro claimed the pre-sale of the country’s oil-backed cryptocurrency, the Petro (PTR), has raised $5 billion and recorded over 186,000 certified purchases, according to local news source TeleSUR. The announcement came during a meeting with members of the United Socialist Party of Venezuela (PSUV), in Caracas. During the meeting, Maduro explained that the money...

A Fraud: Venezuela’s National Assembly Declares Petro Unconstitutional

petro

Venezuela’s Assemblea Nacional [National Assembly] recently declared it believes the country’s oil-backed cryptocurrency, the Petro (PTR) is unconstitutional. Through a public statement, the lawmakers denounced the cryptocurrency as a fraud, and a threat to those who invest in it. In the public statement, the lawmakers criticized the cryptocurrency’s token sale in general, which reportedly...

Venezuela’s Petro “May Help the Global Currency System”: Chinese Credit Rating Giant

Dagong Global Credit Rating, one of China’s biggest credit rating agencies, recently published a report commenting on Venezuela’s oil-backed cryptocurrency, the Petro (PTR). Per the report, the cryptocurrency “may help the global currency system return to its basic value.” While the agency doesn’t assert whether the Petro can help Venezuela’s economy, it points out the issuance of an oil-backed...

Venezuelan President Orders Airlines to Accept Petro, Cryptocurrencies for Tickets

Venezuela’s oil-backed cryptocurrency keeps making headlines, as the country’s cryptocurrency superintendent, Carlos Vargas, recently announced that airlines in Venezuela can now accept the Petro (PTR) and other cryptocurrencies as a payment method. The cryptocurrency superintendent announced the move according to instructions from the country’s president, Nicolás Maduro. Via Twitter, he revealed...

Venezuela's President Orders State-Owned Companies to Accept Petro

venezuela nicolas maduro petro crypto

After officially launching the oil-backed Petro (PTR), Venezuela’s own cryptocurrency, the country’s leader Nicolás Maduro has ordered state-owned businesses to transact in it when buying and selling products and services. According to a video posted on Twitter by local television network VTV, the Venezuelan president ordered these businesses to convert a percentage of their sales and purchases...

Venezuela Announces New ‘Petro Gold’ Cryptocurrency, One Day After Launching the Petro

Venezuelan leader Nicolás Maduro has recently announced that within one week, the county is going to launch a new cryptocurrency, the Petro Gold. The cryptocurrency, according to local news source Telesur, will be backed by precious metals. Notably, Maduro’s announcement was made Wednesday (Feb. 21), one day after Venezuela launched its oil-backed cryptocurrency, the Petro. As covered by CCN, the...

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